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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net sales $ 3,488 $ 3,615 $ 10,783 $ 10,406
Cost of sales 2,426 2,294 7,192 6,614
Gross margin 1,062 1,321 3,591 3,792
Operating expenses:        
Selling, general and administrative expenses 461 486 1,381 1,351
Research, development and engineering expenses 278 251 766 715
Amortization of purchased intangibles 31 32 92 97
Operating income 292 552 1,352 1,629
Interest income 3 3 9 8
Interest expense (73) (72) (216) (227)
Translated earnings contract (loss) gain, net (Note 11) (68) (13) 257 262
Other income, net 106 23 391 169
Income before income taxes 260 493 1,793 1,841
Provision for income taxes (Note 4) (34) (109) (380) (402)
Net income 226 384 1,413 1,439
Net income attributable to non-controlling interests (18) (13) (61) (20)
Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419
Earnings per common share available to common shareholders:        
Basic (Note 5) (in dollars per share) $ 0.25 $ 0.44 $ 1.60 $ 0.72
Diluted (Note 5) (in dollars per share) $ 0.24 $ 0.43 $ 1.58 $ 0.71
Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419
Series A convertible preferred stock dividend     (24)
Excess consideration paid for redemption of preferred shares (1) [1]     (803)
Net income available to common shareholders $ 208 $ 371 $ 1,352 $ 592
[1] Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.